§ 1636. Delinquency, collection, cancellation and check return charges; attorney’s fees
(a) A premium finance agreement may provide for the payment by the insured of a delinquency and collection charge on each installment in default for a period of not less than 5 days in an amount not to exceed $10 or 5 percent (5%) of the delinquent installment, whichever, is greater; provided that if the […]
§ 1637. Restrictions on premium finance agreements
No premium finance agreement or contract ancillary thereto shall contain any provision by which: (1) In the absence of default of the insured, the premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder; (2) A power of attorney is […]
§ 1638. Delivery of copy of premium finance agreement
Before the due date of the first installment payable under a premium finance agreement, the premium finance company holding the agreement or the insurance agent shall deliver to the insured, or mail to him at his address as shown in the agreement, a copy thereof or, if the agreement contained any blank space when it […]
§ 1639. Assignment of premium finance agreement
(a) A premium finance company may purchase or otherwise acquire a premium finance agreement from another premium finance company with recourse against the other premium finance company on such terms and conditions as may be mutually agreed upon. (b) No filing of an assignment or notice to the insured shall be necessary as to the […]
§ 1625. Approval, disapproval of application; license renewal
(a) The Commissioner shall issue the license, unless he finds that the management of the premium finance company filing the application is so lacking in managerial experience as to make the proposed operation hazardous or injurious to the public or unless he has good reason to believe the management of the premium finance company is […]
§ 1626. Grounds for refusal, suspension or revocation of license
(a) The Commissioner may deny, suspend, revoke, or refuse to renew any license, if he finds: (1) That the licensee has failed to pay the annual license fee or any sum of money lawfully demanded under the authority of any other section of this chapter or has failed to comply with any order of the […]
§ 1627. Administrative fine and probation
The Commissioner may, in his discretion, in lieu of a suspension, revocation, or refusal to renew or continue any license, impose on the licensee an administrative penalty or place such licensee on probation.
§ 1628. Examinations
(a) The Commissioner may conduct examinations and investigations of premium finance companies under the provisions of chapter 5 of this title. (b) As often as it is deemed necessary and not less frequently than every three years, the Commissioner shall examine each licensed premium finance company. The examination shall be for the purpose of ascertaining […]
§ 1629. Excessive premium finance charge; penalty
Any person, premium finance company, or other legal entity who or which knowingly takes, receives, reserves, or charges a premium finance charge other than that authorized by this chapter shall forfeit the entire premium finance charge to which such person, premium finance company, or legal entity would otherwise be entitled; and any person who has […]
§ 1621. Premium finance company defined
(a) An “insurance premium finance company” is: (1) A person engaged, in whole or in part, in the business of acquiring premium finance agreements with insureds; or (2) A person engaged, in whole or in part, in the business of acquiring premium finance agreements from other premium finance companies. (b) Credit unions, banks, savings and […]